$175,000
Investment Summary
- Monthly Cash Flow
- $206
- Cap Rate
- 7.6%
- Cash-on-Cash Return
- 6.1%
- Debt Coverage Ratio
- 1.23
- Internal Rate of Return (5 years)
- 10.0%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
$20,000 PRICE REDUCTION TO SELL ASAP! ANXIOUS SELLER WHO WILL NOT BE RETURNING TO TARA. One year home warranty offered to Buyers for peace of mind. Now this is the Florida lifestyle! Nothing better after a round of golf, or playing pickleball, or any number of activities offered at Tara Golf & Country Club, then to relax and enjoy a cool drink out on your lanai. Overlooking the fairway as fellow golfers finish their round. The condo conveys a Class A Golf Membership with the property. The monthly fee of $527 gives you access to playing golf on the new refurbish 18 holes course just last year, plus the restaurant on premises, and access to all the amenities. The condo comes turn-key with furniture and household goods. This unit is perfect for a seasonal ownership, a rental investment, or just to down size where all the exterior maintenance is handled for you! The elevator comes in very handy if you need to bring up groceries or just not a step climber! Community provides a cart to assist you with carry-ups. Feel like a bar-b-que steak? There are multiple gas grills available for the residents to use in the common areas. You are only a short distance from the heart of the community, the Terraces pool with a hot tub. Private bathrooms available. You say, pickleball is your game? Currently players carry on matches in the Terraces, but by fall of 2025 the new racket center will be open to residents only. The Terraces are well known for making new friends quickly! Lots of opportunities to be involved in the neighborhood. Your quarterly condo fee covers water, sewer, trash removal, exterior building insurance, all landscaping, and upkeep of the common grounds. The main Clubhouse is just half a mile away where you can meet friends for dinner, either casual in the Grill Room, or more quiet in the formal dining room. Tara offers many activities during the month from live performances, bands on Friday night, card and game rooms constantly full with different games! The Tara Master fee is yearly, provides WIFI, premium cable, and internet. As well as maintain the entrances, and surrounding grounds. Close to 75, where one exit south you can be at the UTC Mall, or to Sarasota Airport. Head north to Tampa/St. Pete area for professional sports, theater, cruise ships, and museums. The condo has a pass-through window to the dining area for easy entertaining. Open living area looking out to the lanai. Primary bedroom with attached bathroom, and a nice walk in closet. Guests are at the other end of the condo with a full bath outside the door. Laundry room with washer and dryer makes it easy to keep up with beach towels! There is a $5000 equity contribution at closing for the Buyer if they are not already members of Tara G&CC. One covered parking space, with many open parking spaces available. Sellers hate to sell, but have made the difficult decision to let new owners enjoy the Florida lifestyle. Move-in ready. This lovely unit can be yours now, no snow here! SEASONL RENTAL AVAILABLE- IF YOU LIKE TO RENT BEFORE BUYING
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Location
Property Details
Parking
- Description: Carport
- Garage Spaces: 0
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 6
- # of Stories: 3
Exterior Features
- Exterior Walls Materials: Stucco
- Foundation: Slab
- Roof Type: Gable or Hip
- Roof Material: Tile
HOA
- Has HOA: Yes
- Association: Casey Management
- Additional Association: Condominium Associates
- Additional HOA Fee: $1,095/annually
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 17315.18955
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 1991
Tax Information
- Annual Tax: $2,238
Utilities
- Water & Sewer: Public
- Heating: Central
- Cooling: Central Air
Location
- County: Manatee
Listing Details
Investment Summary
- Monthly Cash Flow
- $206
- Cap Rate
- 7.6%
- Cash-on-Cash Return
- 6.1%
- Debt Coverage Ratio
- 1.23
- Internal Rate of Return (5 years)
- 10.0%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $175,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$140,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $35,000 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $5,250 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $40,250 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,042 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $168 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $1.92 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $140,000 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.625% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $896 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $187 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $140 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $1,223 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $2,000 | $24,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$120 | -$1,440 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $1,880 | $22,560 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 9% | -$187 | -$2,238 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$140 | -$1,680 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$160 | -$1,920 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$100 | -$1,200 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$100 | -$1,200 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | 5% | -$91 | -$1,092 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 39% | -$778 | -$9,330 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $1,102 | $13,224 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$896 | -$10,752 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $206 | $2,472 |